CC SR 20240116 E - Budget Calendar FY2024-25
CITY COUNCIL MEETING DATE: 01/16/2024
AGENDA REPORT AGENDA HEADING: Consent Calendar
AGENDA TITLE:
Consideration and possible action to establish the Fiscal Year 2024-25 Budget
Development Calendar.
RECOMMENDED COUNCIL ACTION:
(1) Review and approve the FY 2024-25 Budget Development Calendar.
FISCAL IMPACT: None
Amount Budgeted: N/A
Additional Appropriation: N/A
Account Number(s): None
ORIGINATED BY: Vina Ramos, Director of Finance VR
REVIEWED BY: same as below
APPROVED BY: Ara Mihranian, AICP, City Manager
BACKGROUND AND DISCUSSION:
In accordance with Chapter 3.32, Budget Administration of the Rancho Palos Verdes
Municipal Code (RPVMC), Staff is presenting the Budget Development Calendar for FY
2024-25 to the City Council for consideration. The proposed dates, outlined on the next
page, were developed to meet the following requirements described in Chapter 3.32 of
the RPVMC:
• 3.32.030 Submission date and content
• On or before June 5 of each year, the City Manager shall submit a budget
for the coming fiscal year to the City Council.
• Shall contain a budget message, anticipated revenues, expenditures, status
of surplus, and authorized full-time equivalent positions for all functions.
• 3.32.080 Public hearings
• Prior to the commencement of any fiscal year, the budget is in effect, the
City Council shall hold a public hearing on the budget.
• 3.32.090 Date of adoption
• The budget shall be adopted by a majority vote of the City Council.
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As such, Staff seeks the City Council’s approval of the proposed FY 2024-25 Budget
Development Calendar:
Budget Development Calendar FY 2024-25
Type Purpose FY 2024-25
Department
Requests
• Departments submit budget
requests and provide year-end
estimates.
January – February
2024
City Council
Goals Workshop
• City Council reviews the progress of
the current FY 2023-24 Goals, sets
the framework for the FY 2024-25
Goals, and directs Staff on the
priorities for the upcoming budget.
March 13, 2024
(Wednesday at 6
p.m.)
Budget Workshop
(General Fund)
• City Council reviews the mid-year
and year-end estimates for FY
2023-24 for General Fund only.
• Staff presents budget assumptions
based on operational needs and
City Council priorities for the
General Fund.
• Staff presents the projected ending
fund balance for FY 2024-25.
April 18, 2024
(Thursday at 6 p.m.)
Budget Workshop
(CIP)
• Staff presents a status update on
the current Capital Improvement
Program (CIP) projects and
proposed new CIP projects.
April 29, 2024
(Monday at 6 p.m.)
Preliminary
Budget
• Staff presents the preliminary
budget based on the City Council
direction for General Fund, Capital
Project Funds, and all Special
Revenue Funds.
June 4, 2023
(Tuesday at 7 p.m.)
Budget Hearing
and Adoption
• Staff presents the preliminary
budget of all funds based on
Council direction from the Budget
Workshop and Preliminary Budget.
• Staff presents the 10-year financial
model.
• City Council adopts the budget.
• City Council reviews the investment
policy, GANN limit, and purchases
and services of over $25,000 for FY
2024-25.
June 18, 2024
(Tuesday at 7 p.m.)
The location of each of the workshops will be determined at a later date with advanced
notice to the City Council and the public.
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ALTERNATIVES:
In addition to the Staff recommendation, the following alternative action is available for
the City Council’s consideration:
1. Direct Staff to revise the FY 2024-25 Budget Development Calendar.
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